Trump Foundation Agrees to Dissolve in Agreement with NY Attorney General

The Donald J. Trump Foundation is dissolving soon–more or less immediately–following an agreement reached by Trump Foundation attorney Alan Futerfas and the New York State Attorney General’s Office by way of the New York State Supreme Court on Tuesday. According to CNN reporterErica Orden:

The Donald J. Trump Foundation has agreed to dissolve under judicial supervision amid an ongoing lawsuit concerning its finances, according to a document filed Tuesday in Manhattan Supreme Court by the New York state Attorney General’s office.

“[Underwood] secure[d] a stipulation dissolving the Trump Foundation under judicial supervision, [with Attorney General] review to ensure charitable [money] goes to reputable [organizations],” she wrote. “This is a key piece of the relief sought in her June suit.”

The lawsuit in question, however, “remains ongoing,” according to Spitalnick.

The dissolution agreement sets out the parameters of the compromise decision.

[T]he Parties agree that the Foundation should be dissolved and agree to the entry of an order…dissolving the Foundation, annulling its Certificate of Incorporation, and terminating the corporate existence of the Foundation.

On June 14, 2018 Underwood announced a lawsuit against the Trump Foundation and its board of directors over allegations of “a pattern of persistent illegal conduct, occurring over more than a decade, that includes extensive unlawful political coordination with the Trump presidential campaign, repeated and willful self-dealing transactions to benefit Mr. Trump’s personal and business interests, and violations of basic legal obligations for non-profit foundations.”

In a statement commenting on the agreement, Underwood didn’t hold back when describing the Trump Foundation and her work against it.

“Our petition detailed a shocking pattern of illegality,” she said. “[The] Trump Foundation functioned as little more than a checkbook to serve Trump’s business [and] political interests.”

According to the order, the Trump Foundation will have 30 days to find suitable charitable organizations to receive its extant funds.